How do you price the priceless?

When a nation decides to count assets as well as incomes, it has to face some difficult questions.

The Financial Times has a report today on the efforts of the Treasury to publish the "whole-of-government accounts" for the first time. The usual practice for governments is to focus on income and outgoings, paying little heed to their assets and liabilities, but the fate of Greece put an end to that practice.

The problem with totting up everything a government owns is that their portfolio is rather different from that of, say, Barclays or John Lewis. They own things like Stonehenge:

Although unthinkable in practice, it would in theory be possible to price the site as if it were a business put up for sale, Mr Thurley [the head of English Heritage] admits. More than 1m people visit each year, with adults paying £7.50 each. “If we were to put Stonehenge on the market, we would probably sell it for a very large sum of money,” he says.

But applying a theme-park template would hardly have done justice to the ancient mystery of the stones, nor to English Heritage’s stewardship role. The fact that Stonehenge would have been ultimately lumped into an accounting category called “furniture, fittings and other” in the whole of government accounts would only have added insult to injury.

In the end, English Heritage kept Stonehenge and the vast majority of its treasures off the UK’s balance sheet by arguing that the cost of carrying out the valuation would have been out of all proportion to the benefits of disclosure. A similar approach has been taken by big museums and galleries, not to mention the Ministry of Defence, which declined to put a price tag on historical items such as the Enigma Machine, the second world war code-breaking device.

Thurley accepts that would be some benefits to English Heritage for valuing their less archaeological properties, since it would allow them to compare their performance against listed property management companies. It is hard to think of an acceptable use of valuing Stonehenge, though; the first chancellor to put the site up as collateral for a loan would probably be the last as well.

A real investment property; could do with some renovation. Credit: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

Ukip's Nigel Farage and Paul Nuttall. Photo: Getty
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Is the general election 2017 the end of Ukip?

Ukip led the way to Brexit, but now the party is on less than 10 per cent in the polls. 

Ukip could be finished. Ukip has only ever had two MPs, but it held an outside influence on politics: without it, we’d probably never have had the EU referendum. But Brexit has turned Ukip into a single-issue party without an issue. Ukip’s sole remaining MP, Douglas Carswell, left the party in March 2017, and told Sky News’ Adam Boulton that there was “no point” to the party anymore. 

Not everyone in Ukip has given up, though: Nigel Farage told Peston on Sunday that Ukip “will survive”, and current leader Paul Nuttall will be contesting a seat this year. But Ukip is standing in fewer constituencies than last time thanks to a shortage of both money and people. Who benefits if Ukip is finished? It’s likely to be the Tories. 

Is Ukip finished? 

What are Ukip's poll ratings?

Ukip’s poll ratings peaked in June 2016 at 16 per cent. Since the leave campaign’s success, that has steadily declined so that Ukip is going into the 2017 general election on 4 per cent, according to the latest polls. If the polls can be trusted, that’s a serious collapse.

Can Ukip get anymore MPs?

In the 2015 general election Ukip contested nearly every seat and got 13 per cent of the vote, making it the third biggest party (although is only returned one MP). Now Ukip is reportedly struggling to find candidates and could stand in as few as 100 seats. Ukip leader Paul Nuttall will stand in Boston and Skegness, but both ex-leader Nigel Farage and donor Arron Banks have ruled themselves out of running this time.

How many members does Ukip have?

Ukip’s membership declined from 45,994 at the 2015 general election to 39,000 in 2016. That’s a worrying sign for any political party, which relies on grassroots memberships to put in the campaigning legwork.

What does Ukip's decline mean for Labour and the Conservatives? 

The rise of Ukip took votes from both the Conservatives and Labour, with a nationalist message that appealed to disaffected voters from both right and left. But the decline of Ukip only seems to be helping the Conservatives. Stephen Bush has written about how in Wales voting Ukip seems to have been a gateway drug for traditional Labour voters who are now backing the mainstream right; so the voters Ukip took from the Conservatives are reverting to the Conservatives, and the ones they took from Labour are transferring to the Conservatives too.

Ukip might be finished as an electoral force, but its influence on the rest of British politics will be felt for many years yet. 

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